This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
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S. 48 : Capital gains-Computation-Borrowings (ICDs) for acquisition of shares-Interest paid-Indexed interest cost-Added to the cost of acquisition. [S. 45]
Zuari Investments Ltd. v. ITO (2022) 209 DTR 313 / 215 TTJ 515 / 139 taxmann.com 92 (Delhi) (Trib)
S. 45 : Capital gains-Registration of sale deed-Possession not handed over-Matter remanded to CIT(A). [S.2(47)(v)]
ACIT v. Amarjeet Singh (Decd.) (2022)95 ITR 62 (SN)(Delhi)(Trib)
S. 45 : Capital gains-Business income-Mutual funds and shares-Rule Of Consistency followed-Assessing the income as business income was deleted. [Circular No. 6 of 2016, Dated 29-2-2016]
Steel Authority of India Employees’ Co-Operative Credit Society Ltd. v. ACIT (2022)96 ITR 599 (Kol)(Trib)
S. 45 : capital gains-Transferable development rights-Co-owned land-Cost of acquisitions-Assets having no cost of acquisition-Not chargeable as capital gains. [S. 2(14), 55, 56]
ITO v. Kirit Raojibhai Patel (2022) 217 TTJ 704 / 141 taxmann.com 172 (Mum)(Trib)
S. 45 : Capital gains-Sale of shares-Cash credits-Penny stocks-Accommodation entries-Survey-Search-No fault was found in the documents submitted by the assessee-Sale proceeds cannot be assessed as undisclosed income-Reassessment was quashed. [S. 10(38) 68, 132, 133, 147, 148]
Sandipkumar Parsottambhai Patel v. ITO (2022) 217 TTJ 938 / 214 DTR 251 / 137 taxmann.com 373 (Surat)(Trib)
S. 45 : Capital gains-Shares-Purchased through broker on recognised stock exchange-Sold through stock exchange-Paid Securities Transaction Tax-Denial of exemption is not justified. [S. 10(38)]
ITO v. Mamta Rajivkumar Agarwal (Smt.) (2022) 100 ITR 17 (SN)(Ahd.)(Trib.)
S. 45 : Capital gains-Cost of acquisition-Value as on 1-4-1981-Departmental Valuation Officer adopting rate of Rs. 21 Per square metre average of three sale instances of land-Assessee adopting rate at Rs. 25.69 Per Square metre-Reasonable and accepted. S. 49]
Wagra Taluka Co-Operative Marketing and Processing Society Ltd. v. ITO (2022) 99 ITR 8 (SN) (Surat)(Trib.)
S. 45 : Capital gains-Compulsory Acquisition of property-Co-owners-Matter remanded [S. 54F, Right To Fair Compensation And Transparency In Land Acquisition, Rehabilitation And Resettlement Act, 2013, Tamil Nadu Highways Act, 2001]
E. Murugan v. ITO (2022)99 ITR 31 (SN)(Chennai) (Trib)
S. 45 : Capital gains-Cost of acquisition-Paid to assignment holder-Assignment agreement not registered-Allowable as deduction-Matter remanded for verification. [S. 19, 144C]
Ravi Kumar Tirupati Parthasarathy v. Dy. CIT (2022)99 ITR 70 (SN) (Bang.)(Trib.)